Owning a business comes with a lot of responsibilities. There’s more to do than stocking inventory and keeping customers happy. Insurance is a must and it’s not something you want to put off getting. If your business decides insurance is too expensive, you’re making a huge mistake.
You must have liability insurance and be able to show proof, and this means hanging a certificate on your walls in a place everyone can see. Guess what. You will also need to fill out your certificate of liability insurance pdf.
Unfortunately, it’s something you have to tackle on your own. The good news is the certificate only takes a second to fill out and you’re all set to legally operate a business in your state.
Minimum Insurance Requirements
Your liability insurance must provide coverage up to $100,00 per accident. You can increase the coverage amount, but you can’t go lower. If you’re selling fireworks, you’re going to need a higher amount of minimum coverage, typically around $500,000.
Remember this minimum amount applies to each accident. If your business is prone to mishaps, you may find that you’re paying more for coverage. So, what does liability insurance cover? The insurance covers most injuries customers may experience in your business, along with property damage. Think of liability insurance as a safety precaution for both you and your customers.
Don’t Forget to Include Specific Information
You can make the trip to the insurance office and sit around while someone slowly enters the necessary information. A faster and easier way is to use a PDF file. Best of all, you can send the PDF off to your local Fire Marshall. This way, you’re eliminating another drive around town.
So, what information do you need to include? The list is short and pretty self-explanatory—your full company/business name, including any Co. or Corp, etc., that may be in the name.
Your business’s safety systems like a fire alarm or fire extinguishers. If the fire extinguishers are attached to the wall, you know in a panic box, make a note of this on the certificate.
Your insurer will need to sign the PDF. If you use a downloadable conversion tool, your insurance agent can easily sign the certificate online. Most conversion tools allow multiple users to access a PDF. Just make sure you give the insurance agent access.
The field for certificate holders should reflect the State Fire Marshal Office (SFMC). If you aren’t sure who the state fire marshal is, you can easily find this information on your state’s official government website. You also need to supply the dates the coverage is good through.
It Pays to Have Liability Insurance
If you’re wondering if you can get away with not carrying liability insurance, the answer is yes, at least for a little while. However, eventually, it will catch up to you. The penalties for not having liability insurance can range from fines to eventually a forced closure.
The initial premiums may set your business back a little, but it’s better than having to pay someone’s medical expenses out of your pocket. You also don’t want to take the risk of having your business closed simply because you didn’t get liability insurance.